The best way to describe this business is a referral network of attorneys that work together with the Seller's firm and over 100+ providers of medical services in over 100 cities in California to get everyone paid when there has been a substantial (read: lucrative) injurious accident requiring immediate or ancillary medical attention. Seller has 8,000,000 in receivables presently, an estimated 3,200,000 of which is characterized as highly collectible, and due to the 50/50 split to Seller's company this results in 1.6MM in immediate "bankable" income in the near future. This is in addition to future revenues that will come from referrals today, tomorrow, and beyond. Gross revenue figures quoted therefore is projection of 1,277,000 projected realized income for 2010 and this additional 1,600,000 in receivables. Net is discounted 300,000 approximately for expenses on collections of the 1.6MM. System can be replicated nationwide, however Sellers have mainly focused on Los Angeles and surrounding counties.
Detailed, dynamic systems, procedures, marketing materials have already been perfected, and this is a very efficient money making machine. Has experienced 30+% growth the past 3 years. Brains/sweat equity and key salesperson behind entire operation for last 18 years would like to stay on board for additional 3+ years to grow business with private equity or other player in industry that can increase marketing and explode revenue. Plans exist to show enormous profitability through additional marketing and salespeople that can be trained by the Seller first-hand.
Ideal acquirer would be financially strong PEG or strategic acquirer that would be a multi-specialty group or acquisitions department for a hospital that had orthopedic, neurology, neurosurgery, MRI facilities, emergency care etc... Due to the confidential nature of this enterprise, confidentiality agreement from both the Sellers firm and the Sellers brokerage firm is required.
Operates out of 2 offices, one administrative and one medical office. Both can be absorbed, or deleted from operation entirely. No Competition. One of a kind operation, nothing like it out there. Seller wants to stay on board for 3 years plus to help grow company. Partnership split and equity event for owners. Year Established in 1992. 6 employees.